Daily Market Reports | Apr 16 2024
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AGE ASB BPT COE CTT CVN CXO DMP EQT GMD IEL KAR MAH NXT ORG STO WDS
AGE ALLIGATOR ENERGY LIMITED
Uranium - Overnight Price: $0.06
Petra Capital rates ((AGE)) as Initiation of coverage with Buy (1) -
Petra Capital initiates coverage on Alligator Energy which owns the Samphire Uranium project in South Australia with a Buy rating and 11c target price. Management aims to grow and de-risk Samphire towards first production from FY29.
The broker expects the current resource will grow materially after an extensive exploration campaign, which began in February this year.
The analyst also highlights potential exploration upside across Alligator's portfolio including Nabarlek North in the Northern Territory and Big Lake in South Australia, which is expected to commence a 5,600m drilling campaign in June.
This report was published on April 15, 2024.
Target price is $0.11 Current Price is $0.06 Difference: $0.049
If AGE meets the Petra Capital target it will return approximately 80% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY24:
Petra Capital forecasts a full year FY24 dividend of 0.00 cents.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASB AUSTAL LIMITED
Commercial Services & Supplies - Overnight Price: $2.42
Petra Capital rates ((ASB)) as Buy (1) -
While Austal has outperformed share market indices over the last two years, Petra Capital suggests weaker-than-expected earnings margins in FY23 and FY24 have subdued a potentially better performance.
Because of this view, the broker believes any positive surprise on the earnings margin front will be a key catalyst for a higher share price.
The Buy rating is maintained and the target is increased to $3.14 from $3.08.
This report was published on April 13, 2024.
Target price is $3.14 Current Price is $2.42 Difference: $0.72
If ASB meets the Petra Capital target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $2.68, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Petra Capital forecasts a full year FY24 dividend of 7.50 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.7, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 51.5.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 8.50 cents and EPS of 11.90 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, implying annual growth of 161.7%.
Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 19.7.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BPT BEACH ENERGY LIMITED
Crude Oil - Overnight Price: $1.62
Jarden rates ((BPT)) as Overweight (2) -
Jarden has reviewed its energy sector coverage, ahead of the March quarter reporting season. While oil prices appear largely flat on the previous quarter, the broker expects Woodside Energy and Santos to benefit from lagged contract pricing.
The broker assumes higher oil pricing will emerge in 2024, inspiring increased valuations alongside expectations of a lower Australian dollar.
Jarden retains its preference for Karoon Energy over Beach Energy and Cooper Energy.
The Overweight rating is retained and the target price increases to $1.75 from $1.70.
This report was published on April 11, 2024.
Target price is $1.75 Current Price is $1.62 Difference: $0.125
If BPT meets the Jarden target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.95, suggesting upside of 19.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 5.00 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.69.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.4, implying annual growth of -6.7%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 9.9.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 6.50 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.9, implying annual growth of 51.8%.
Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 6.5.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COE COOPER ENERGY LIMITED
Crude Oil - Overnight Price: $0.22
Jarden rates ((COE)) as Overweight (2) -
Jarden has reviewed its energy sector coverage, ahead of the March quarter reporting season. While oil prices appear largely flat on the previous quarter, the broker expects Woodside Energy and Santos to benefit from lagged contract pricing.
The broker assumes higher oil pricing will emerge in FY24, inspiring increased valuations alongside expectations of a lower Australian dollar.
Jarden retains its preference for Karoon Energy over Beach Energy and Cooper Energy.
The Overweight rating and target price of 24 cents are retained.
This report was published on April 11, 2024.
Target price is $0.24 Current Price is $0.22 Difference: $0.02
If COE meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $0.25, suggesting upside of 13.6%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 220.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.7.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.2, implying annual growth of 100.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.3.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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